The stock of Gladstone Land Corporation (NASDAQ:LAND) is now priced at $16.04 and the shares are 0.02 points up or 0.12% higher compared to its previous closing price of $16.02. The stock had 99393 contracts set over the past session. LAND shares’ daily volume is compared to its average trading volume at 183436 shares. However, it has a float of 18.79 million and although its performance was 1.71% over the week, it’s one to watch. Analysts have given the LAND stock a yearly average price target of $15.75 per share. It means the stock’s downside potential is -1.81% with the LAND share price recently placing at $15.9 to $16.2. However, some brokerage firms have priced the stock below the average, including one that has called $14.
The shorts are climbing into the Gladstone Land Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the LAND shares have risen. Short interest in the stock represents just 3.15% of its float, but the volume has raised by 233224. The volume of shorted shares rised to 592569 from 359345 shares over the last two weeks. The average intraday trading volume has been 201173 shares, which means that days to cover moved to roughly 2.945569.
In the last trading session, Gladstone Land Corporation (NASDAQ:LAND) raised by $0.06 over the week and gained $0.74 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.37. The stock recorded its established 52-week high on 07/02/20.
Since 03/16/20, the stock has traded to a low of $9.61 at 66.91%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Gladstone Land Corporation’s two-week RSI is 59.69. This suggests that the stock is neutral at the moment and that LAND shares’ price movement remains stable. The stochastic readings are equally revealing at 77.71% meaning the LAND share price is currently in oversold territory.
The technical chart shows that the LAND stock will likely settle at between $16.18 and $16.34 per share. However, if the stock dips below $15.88, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.74.
Currently, the stock is trading in the green of MACD, with a reading of 0.19. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned LAND a rating of Neutral in their intiating review released on December 20. B. Riley FBR analysts see the stock as a Buy with a target price of $13.5 in a flash note released to investors on November 26 initiating covering the stock. JMP Securities seeing the stock struggling downgraded it from Mkt Perform to Mkt Underperform on January 14.
The average rating for the LAND equity is 2.14 and is currently gathering a bullish momentum. Of 6 analysts tracking Gladstone Land Corporation polled by Reuters, 1 rated LAND as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the LAND stocks P/S ratio currently stands below the group’s average of 35.7. Gladstone Land Corporation has its P/E ratio at 1.1, which means that the stock is currently trading at a discount relative to the 3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Gladstone Land Corporation (NASDAQ:LAND) will decrease by about -99.92%, which will see them reach $12.69 million. The company’s full-year revenues are, however, expected to increase by about 37.72%, up from $40.69 million to $56.04 million. LAND’s expected adjusted earnings should surge almost 75% to end up at -$0.07 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -15.38% to record -$0.11/share.